Who Owns the Most Ethereum in 2025?

The Ethereum landscape is shifting dramatically as we move towards 2025. While many believe in a concentration of wealth among early adopters, a closer look reveals a fascinatingly complex picture of ownership. In reality, the largest Ethereum holders are not individuals but rather technical components within the network itself. Staking contracts currently hold over half the ETH supply, while exchanges like Coinbase and Binance manage billions in user-held ETH.